Eco-ships: the marine industry’s newest sustainability feature
In the maritime industry, we’ve seen a trend towards building ECO-ships (highly energy efficient vessels that are better for the environment). And that’s no surprise, considering that the potential cost savings are massive for shipyard businesses. Thanks to the design optimisation process, ECO-ships have greater hull lines, propulsion systems, sleeker designs, and next gen engines. They’re just…better across the board. So who is championing this new technology?
Tanker company, Scorpio, is getting on-board with ECO-ships. Without these greener, more efficient models, they don’t believe they can reach their full earning potential. Scorpio has often described their move towards ECO-ships as their ‘trump card’ for the coming years. However, Scorpio seems to be doing pretty well for itself, all things considered (there’s a recession going on; haven’t you heard?).
During the first quarter, Scorpio walked away with a profit of $6.61 million. But Scorpio is looking to boost that profit margin considerably. Then again, what company wouldn’t be?
With 38 vessels on order, Scorpio is gearing up to make huge returns on their investment. They say that, far from being optimistic projections, they have already seen how well ECO-ships work in the water.
How Do ECO-ships Match Up To Their Standard Counterparts?
Already owning five ECO-ships in total, Scorpio designed an experiment to monitor how profitable these vessels were to their company. And true to form, these five boats out-earned eleven standard tankers by more than $3,900 a day – that’s a turn out for the books.
The survey was analysed by an independent agency that took into account fuel consumption, weather, and fuel quality. So we don’t just have to take Scorpio’s word for it! The statistics have been reviewed by an unbiased party.
ECO-ships and the Future
As fuel prices increase with their scarcity, it seems like a wise business decision to invest in efficiency measures; especially considering that tankers are one of the biggest fuel guzzlers in the world. 16 of the largest tankers on the high seas can produce as much pollution as all of the world’s cars put together.
With some environmental groups estimating that fossil fuel reserves will run out as early as 2050 – 2060, tanker companies find themselves at a dilemma. What can they do to stay financially efficient at a time where fossil fuel prices are escalating considerably? Scorpio has made the logical choice here to opt for a more energy efficient mode of transport that saves money and contributes towards a greener world.
This statement comes after Precious Shipping boss, Khalid Hashim, lambasted the effective uses of ECO-ships. He believed the buzz around ECO-ships was all down to desperate hype. He said that there is no such thing as an environmentally-friendly tanker and it was all a marketing ploy.
Khalid Hashim expressed concern that choosing to buy into ECO-ships would prevent the recovery the dry bulk market really needs.
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